The case pertains to IA No. 583/2021 filed by the Resolution Professional (RP) of M/s. Galada Power and Telecommunication Limited, the Corporate Debtor, under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s. Amrutha Constructions Private Limited. The Company Petition CP(IB) No. 384/7/HDB/2018 was admitted earlier, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The RP constituted a Committee of Creditors (CoC). Several rounds of Expression of Interest (EOI) were conducted, and multiple resolution plans were considered. Ultimately, the CoC approved the resolution plan submitted by Amrutha Constructions Private Limited with a 100% voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunication Limited after the admission of Company Petition CP(IB) No. 384/7/HDB/2018 filed by Stressed Assets Stabilization Fund under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Nitin Vishwanath Panchal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) comprising Stressed Asset Stabilisation Fund, Edelweiss ARC, Syndicate Bank, and UTI Mutual Fund. The RP conducted multiple rounds of Expression of Interest (EOI) and received several resolution plans. The CoC rejected some plans and authorized the RP to seek permission for renegotiations.
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Company Petition CP(IB)…
The Adjudicating Authority admitted the Company…
The case pertains to IA No. 583/2021 filed by the Resolution Professional (RP) of M/s. Galada Power and Telecommunication Limited, the Corporate Debtor, under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s. Amrutha Constructions Private Limited. The Company Petition CP(IB) No. 384/7/HDB/2018 was admitted earlier, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The RP constituted a Committee of Creditors (CoC). Several rounds of Expression of Interest (EOI) were conducted, and multiple resolution plans were considered. Ultimately, the CoC approved the resolution plan submitted by Amrutha Constructions Private Limited with a 100% voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunication Limited after the admission of Company Petition CP(IB) No. 384/7/HDB/2018 filed by Stressed Assets Stabilization Fund under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Nitin Vishwanath Panchal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) comprising Stressed Asset Stabilisation Fund, Edelweiss ARC, Syndicate Bank, and UTI Mutual Fund. The RP conducted multiple rounds of Expression of Interest (EOI) and received several resolution plans. The CoC rejected some plans and authorized the RP to seek permission for renegotiations.
…Company Petition CP(IB)…
The Adjudicating Authority admitted the Company…